Binance will soon become a partner of Ripple, more precisely, it will integrate the
“CZ” Zhao said that the exchange will sooner or later partner with Ripple to enhance its XRP-based
To date, the two companies have not yet begun to negotiate the details, so the project is not immediate. In the short term, Binance will continue to focus on the launch of the Binance Chain and the decentralised BinanceDEX exchange.
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future we’ll definitely want to add them as a partner”.
Ripple has already partnered with other exchanges, such as Bittrex and Bitstamp, with the aim of increasing the liquidity available on the xRapid platform.
Exchanges will be used to allow financial institutions to convert their local currencies into XRP, facilitating transactions to other countries, where it is immediately converted to fiat currency so as to allow fast and inexpensive multi-currency cross-border payments and transfers.
In fact, from this point of view, it is quite plausible that the Binance exchange will also become part of this network.
xRapid has been designed to comply with international regulations so that money can be moved around the world without having to use the old traditional slow and expensive systems.
But there’s one thing: xRapid needs a lot of liquidity to be able to function well at full speed, making the conversion between XRP and fiat fast and easily available.
This liquidity can be guaranteed by the exchanges with which Ripple establishes special partnerships, such as those already established with Bittrex and Bitstamp.